Bloomberry completes Solaire buyout

A subsidiary of the company has finally paid the US$710.8 million for the Solaire Resort and Casino land in Manila.

Philippines.- Bloomberry Resorts Corp recently won the auction for the 16-hectare lot owned by the Philippine Amusement and Gaming Corporation (PAGCOR) where the Solaire Resorts and Casino is located and has finally completed the transaction. The company has just paid the US$710.8 million for the land and signed the deed of the sale with PAGCOR on Monday.

The acquisition was completed by Bloomberry-owned Sureste Properties Inc. (SPI), which accepted the notice of award from PAGCOR, and signed the deed earlier this week. SPI had submitted the only proposal to acquire the land (after two failed biddings by the Philippine regulator) and offered €1.6 million above the floor price.

After failing to draw interest following the launch of an auction for the land in November, PAGCOR tried again with a new auction last January. Only SPI submitted a bid, but due to the casino operator and regulator’s public bidding rules, the sale couldn’t be executed back then.